Essay on Globalization And Its Impact On Society

763 Words Sep 16th, 2015 4 Pages
Before globalization existed, we were prone to many barriers such as "accustomed difference in national or regional preference"(Theodore Levitt, 1983). According to Theodore Levitt (1983), a company could sell an out of date model in a tier three country back in the days when there was no globalization. One of the positive factors which globalization brings to business is business purchasing impacts. Ken Burnside said that globalization makes the world 's corporation move to third world countries for cheaper labour, and these world class corporations tend to make higher profits as the cost of shipping the finished product overruns the wages and manufacturing costs. As the world gets globalized with more companies moving out to the tier three countries, more employment opportunities are created. From what Ken Burnside referred, the governments of tier three countries like China play with their currencies by making it weaker than Euro and US, which are the kings in the exchange rate table, creating an impact on government policies. However, Carol Woods said that product globalization is another factor endangering jobs in tier one countries today. Adding more points under the topic comes about product globalization. Product globalization is creating a product to use it in several languages. Market globalization is about products being able to sell out of borders thus, local products are now being able to compete in foreign markets leading to a wider network of markets, which…

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